UAE companies are keen to invest in technical industries, semiconductor businesses and information technology projects in the world’s largest economy, according to a senior official from the Ministry of Economy.
Ahmad Al Falasi, Minister of State for Entrepreneurship and SMEs made the remarks during the UAE-US Innovation and Investment conference that was held recently, the Ministry of Economy said on Wednesday.
The meeting was aimed at exploring more opportunities to expand trade and investment relations between the two countries.
Investments from the UAE amounted to $44.7 billion by the end of 2020, accounting for the largest share of total Arab investments in the US, Mr Al Falasi said.
The Emirates also ranks first in the Arab world and the 20th globally among the most important countries investing in the US, he said.
Abu Dhabi's Mubadala Investment Company, among others, is active in the US. Through its platforms and subsidiaries, Mubadala acquired assets from K-Mac Enterprises, the second-largest Taco Bell franchisee in the US.
It also has investments in enterprise software company Medallia as well as GlobalFoundries, the world’s third-largest semiconductor manufacturer.
The UAE’s investments in research and development activities related to innovation and technology amounted to about $1.7bn and they have supported US exports worth $1.3bn, Mr Al Falasi said.
Meanwhile, the total value of FDI inflows into the UAE from the US amounted to $19.4bn by the end of last year. New York-listed Helmerich & Payne signed a deal with Adnoc last year to become a cornerstone investor in Adnoc Drilling’s initial public offering, with a $100 million investment.
The UAE is keen to maintain the current momentum in trade and investment between the two countries and further improve the access of Emirati and American companies to promising opportunities in each other’s markets, said Mr Al Falasi.
A number of other initiatives such as the expansion of the categories of the Golden Visa programme, as well as the introduction of new residence permits such as green and freelancer visas will help to attract more investment into the country, he said.
Non-oil trade between the US and the UAE jumped to $17.83bn in 2020, from $5.22bn in 2005, according to the Ministry of Economy.
The UAE, the Arab world's second-largest economy, is undertaking various measures to attract more FDI into the country. Last year, it unveiled a new industrial strategy to boost the contribution of the industrial sector to Dh300bn ($81.68bn) in the next 10 years, from Dh133bn.
The country also overhauled its commercial companies' law to attract more foreign capital and, in 2020, it annulled the requirement for onshore companies to have an Emirati shareholder.